Tesla CEO and PayPal co-founder Elon Musk will reveal his concept for a new form of transportation he's called the "Hyperloop" later on today, August 12.

The Hyperloop could help travelers in the U.S. go 700 mph faster than sound. Musk previously discussed travelers being capable of going from Los Angeles to San Francisco in just a half hour according to the Associated Press.

If successful, L.A. to New York City could become the second loop according to Musk.

Musk said during a Google Hangout with Sir Richard Branson that the design does involve a tube, but not a vacuum tube.

"I believe that Hyperloop is merely a modern day version of the pneumatic tubes used in banks, stores, and industry to move money and small items over long distances or to other floors of a building," said John Gardi, a fan of the Hyperloop idea, on Twitter earlier this year.

Musk responded to the tweet saying that Gardi's guess was the "closest" he's seen anyone guess so far.

Instead of having to wait for a train for transportation, the Hyperloop would mean you'll be able to get into a solo pod ready to take you wherever you need to go.

The system would not be affected by weather, which means the pods would travel underground or by using fully enclosed technology according to CNet.com.

Even though he'll be revealing plans for the Hyperloop this week, Musk said he's too busy to actually consider building it himself.

"I think I kind of shot myself by ever mentioning the Hyperloop," said Musk according to the Associated Press. "I don't have any plans to execute, because I must remain focused on SpaceX and Tesla."

In the meantime, Musk said he wants people to provide "critical feedback" after the plans are released to see if "people can find ways to improve it."

The plans will be an open-source design, which means anyone can use it or modify it.

Musk claims the system would never fail or crash as well, and would run on solar energy used to power the "Hyperloop" system 24 hours a day.

Make sure to check back here after the plans are officially announced.

Related Articles:

Tesla Model S Earns Five-Star Safety Rating from NHTSA

iPhone 6 Release Date, Features: Will New iOS 7 Phone Due in September Be Waterproof?

GM Confirms New Chevrolet Colorado, GMC Canyon Pickup Trucks, Production Set for 2014

Tesla Stock: CEO Elon Musk Says Company Feels 'Good About Where Things Are'

Tony Stewart Crash Update: Second Surgery Could Keep Sprint Cup Winner Out a Month (VIDEO)

See Now: OnePlus 6: How Different Will It Be From OnePlus 5?